Patersons Research Note
4 Sept 2009
EQN occupies a unique space on the ASX, giving investors leverage to significant copper production over a ~40 year life. Operations like Lumwana are usually owned by majors (BHP, Rio Tinto) and a ' major ' continues to appear the natural owner. As with the ramp up of all large mining operations there have been hiccups along the way however,
there is no technical reason why the operation won't ramp up to full production and in the short term we see the real issue as a material movement one (at worst more trucks are required).
The plant continues to perform to plan, all that remains is to ramp up mining activities. Once that is solved expansions and the uranium project remain in the
pipeline. We continue to rate EQN as our preferred copper pick and retain a BUY recommendation with a $3.34/sh price target.................( continued )
3 page PDF
http://www.minesite.com/fileadmin/content/pdfs/Brokers_Notes_August_09/EQN%20040909.pdf
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